Two Nonprofits Receive CAHEC Open Doors Homeownership Grant
RALEIGH, NC, November 21, 2024 /24-7PressRelease/ -- Since 2004, CAHEC has offered the Open Doors Homeownership Grant to assist nonprofit organizations that develop affordable housing for sale within our footprint. To date, CAHEC has awarded $860,000 towards this homeownership initiative to help provide housing to families earning 80 percent or less of the area median income. As our team of grant readers reviewed the applications this year, we evaluated how each organization addressed a strong community need, the positive impact their development would have on the community and their strategy for alleviating the shortage of affordable housing. We also considered the social services provided to homeowners and the organization's proposed use of CAHEC's funding. We are excited to announce the recipients of CAHEC's 2024 Open Doors Homeownership Grant:
Housing Assistance Corporation - $25,000
Founded in 1988 by performing home repairs for elderly residents, the Housing Assistance Corporation has since constructed 209 single-family homes, 360 units of LIHTC affordable housing, and hundreds of home repairs annually. Their current project, Little White Oak, consists of 20 new construction homes for residents earning 80% or less of the area median income in rural Polk County. The neighborhood is close in proximity to schools, a grocery store, and the local hospital, and will be nestled on 29 acres of land. Less than half the acreage will be used for the homes, adding to the neighborhood appeal of forested land and mountain views. Because of the slope of the Little White Oak development, the current town water system will not be able to extend sufficient water pressure to the top 12 homes. CAHEC's grant funding will be used towards the engineering and permitting costs to design, permit, and secure a water pumping station for the community.
Habitat for Humanity Durham - $25,000
In the last 39 years, Habitat for Humanity of Durham has built more than 480 homes and completed critical home repairs on over 570 non-Habitat homes for low-income neighbors in Durham. Most recently, they purchased a plot of land from Mount Vernon Baptist Church which will be used for the development of 10 new Habitat homes. This partnership, which is the first of its kind for Durham Habitat, represents an innovative way for faith-based organizations to invest in strengthening the community through affordable housing. The development is located near Mount Vernon Baptist Church in Durham's Hayti district, and because developers have been purchasing affordable homes in the area and flipping them into larger high-end homes, homeownership has been a struggle for many families in the area. Thus, through this partnership, the church can ensure affordable homeownership is a possibility for 10 families in the area. Durham Habitat will be using CAHEC's funding to cover the cost of materials to complete front porches on each of the homes. The benefit of a front porch is invaluable, as it will create a sense of community and belonging in the neighborhood for many families who feel unwelcome.
CAHEC is a community investment organization based in Raleigh, NC, and Columbia, SC, that offers housing and life-changing opportunities to residents throughout its Southeast and Mid-Atlantic footprint. CAHEC's product areas include investing in low-income housing tax credits, historic tax credits, new markets tax credits, and renewable energy credits. CAHEC also provides loan programs, wellness and education initiatives for residents, affordable housing development, and property management services. To learn more about their contributions to affordable housing and surrounding communities, visit CAHEC's website.
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